The financially distressed Spanish football club Barcelona has agreed to sell 10% of its TV rights from “La Liga” over the next 25 years to the American investment fund “Sixth Street” for approximately 207.5 million euros, the Catalan club announced Thursday.
“With this process, FC Barcelona achieves a total capital gain of 267 million euros for the current season,” Barcelona said in a statement.
If the two parties did not reach this agreement, Barcelona was expected to end the “financial year with a loss of 150 million euros,” according to the Catalan sports daily Sport.
Sixth Street will receive 10% of La Liga’s payments for the TV rights.
“We are activating the economic levers and implementing our strategy, which requires patience, sustainability and effectiveness to strengthen the club’s financial base,” said Barcelona president Joan Laporta.
In the same context, Alan Waxman, CEO of the American Fund, commented: “We believe in the strategy implemented by Joan Laporta and FC Barcelona. We are proud that one of the most successful clubs in football has chosen us as its partner and capital solutions provider.”
The move to sell TV rights is one of the two financial levers approved last week by Catalonia’s Socios (the club’s contributing fans) at a general meeting to try to quickly increase the club’s income and allow it to make deals next season.
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